Türkiye has the world,s largest stablecoin market relative to GDP!

Turkey has a booming stablecoin market. The Economist reported Turkey's stablecoin trade volume hit 4.3% of its GDP. This covers the year ending in March 2024. This makes Turkey the largest stablecoin market relative to its economy's size.

Merchants in Istanbul use stablecoins to pay suppliers. They prefer stablecoins because they offer the fastest payments. However, Turkey will soon regulate crypto exchanges. New rules take effect February 25. Exchanges need licenses to operate legally. They must also follow anti-money laundering rules. User identity verification will become mandatory.

These rules led some platforms to limit operations in Turkey. Binance and KuCoin are two such examples. The US remains the largest stablecoin market. Ethiopia saw the fastest growth in small transactions. These are transactions under $10,000. This suggests growing crypto adoption in smaller economies. Stablecoins are growing across the globe.